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This upcoming live webinar is popular with our banking clients.

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Dear David,

I am pleased to share the details of our Advanced Fixed Income Analysis course
which may interest you and your colleagues at UBS.

Redcliffe Training’s live webinars are everything you would expect from a
classroom-based course; Q&A with the trainer, quality materials, participation –
only these courses are presented virtually.




ADVANCED FIXED INCOME ANALYSIS
THIS 1-DAY COURSE WILL BE PRESENTED IN TWO HALF-DAY LIVE AND FULLY INTERACTIVE
WEBINARS ON THE DATES AND TIMES BELOW;

  Part 1: 3 May 2023
Part 2: 4 May 2023

09:30-13:00 UK Time

PART ONE

INTEREST-RATE MODELLING

 * Bond Price and Yield
 * Bootstrapping the Yield Curve
 * The Forward Curve
 * Interest rate risk – Macaulay, modified duration, PV01 and convexity

Exercise and case studies covering all of the above

TRADING THE BOND MARKETS

 * Trading the Yield Curve
 * Long /short positions in Government Bonds
 * Case Study: Funding long/short positions through the repo market and
   calculating the current / running yield.
 * Trading the Curve
   * Bull Spread Steepener
   * Bear Spread Flattener
   * Bar Bell

Case Study: Taking position in 2/5’s and 5/10’s. Calculating the modified
Duration and PV01. This is essential for the trade ratio and to understand the
Market Risk. Course participants then calculate their profit or loss when the
market moves.

 * IRS for Hedging and Bond Issuance (Spread over MS)
 * Pricing
 * Asset Swaps (Duration Matching)
 * The move to SOFR from Libor

Exercise: Participants Price a Vanilla Swaps and then an Asset Swap. They will
calculate the correct hedge ratio and ensure there is no duration risk.

SPREADS AND RELATIVE VALUE ANALYSIS

 * Definitions and applications of asset-swap spreads
 * Z-spread measures
 * I Spread, G spread, OAS spread
 * Market liquidity and current pricing structures



PART TWO

CORPORATE BONDS

 * Credit spreads and bond pricing
 * Convertibles
 * Worked Exercise: pricing an option-adjusted spread using a binomial model
 * Pricing default risk
 * Case Study: Rating Agency Corporate Default Models – advantages and failings
 * CDS Market / Pricing of Credit
 * Single Name and Index CDS
 * Case Study and Exercise: Valuing a CDS. Looking at CDS trading - SEFs / OTFs,
   Coupon, Upfront points/ IMM dates etc. Calculating the CDS price from basic
   probability of default

COMPLEX BOND SECURITIES

 * Concept and pricing of integrated derivatives within fixed income
 * Pricing of convertible and callable fixed income securities
 * Worked Exercise:  Determining value for bonds with embedded options
 * Case study: Convertible Bond Arbitrage. How to deal hedge to make money.

COMPLEX SECURITIES

 * Floating-rate Notes
 * Covered Bonds
 * COCOs
 * Structured bonds: principal and coupon separation
 * Case Study: Inflation linked bond pricing

TERM STRUCTURE AND THE YIELD CURVE

 * Deriving the yield curve
 * Trading arbitrage
 * Multicurrency yield curves
 * Worked Exercise: Considering investment and trading strategies in today’s
   markets

COURSE CONCLUSION: FIXED INCOME PRODUCTS INVESTMENT AND FUNDING PORTFOLIOS

Click here to see the full technical course content & book places

Redcliffe Trainings live webinars are everything you would expect from a
classroom-based course; Q&A with the trainer, quality materials, participation -
only these courses are presented virtually - live webinars - by highly technical
former practitioners who present the courses with plenty of interaction, case
studies and exercises. We can also present this course exclusively for UBS,
either via webinar or in person, at a date and time that suits you.
Comprehensive materials are supplied on all courses.


PRICING

£795.00 (plus VAT if applicable) per participant per part

Book multiple places on both parts in one order for the below discounts:
2-3 places at 40% less = £1,590.00 £954.00 per participant
4-5 places at 50% less = £1,590.00 £795.00 per participant
6-8 places at 60% less = £1,590.00 £636.00 per participant
9+ places at 70% less = £1,590.00 £477.00 per participant

*Prices are subject to increases. We strongly advise booking early to secure the
places at the prices above.


ADDITIONAL COURSES THAT MAY INTEREST YOU AND YOUR COLLEAGUES

Advanced Negotiation Issues in Financial Covenants


Structuring, Negotiating and Documenting Mezzanine, Junior Debt and Unitranche


Unitranche & Alternative / Direct Lending

Loan Documentation & Security Issues


Conflicts of Interest - A Practical Guide & Workshop


FCA Compliant Complaints Handling – A Practitioner’s Guide

Kind regards,


Client Relationship Manager
+44 (0) 20 7529 8671


Visit Website



Redcliffe Training. 1 Abbey View, London. NW7 4PB. United Kingdom

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